Get the free Form 8824 fillable - irs

Instructions for Form 8824 Department of the Treasury Internal Revenue Service Like-Kind Exchanges and section 1043 conflict-of-interest sales Section references are to the Internal Revenue Code unless otherwise noted. General Instructions Future developments. For the latest information about developments related to Form 8824 and its instructions such as legislation enacted after they were published go to www.irs.gov/form8824. Purpose of Form Use...

How to fill out form 8824 - irs

How to fill out form 8824:

1. Start by obtaining a copy of IRS Form 8824, which is used for reporting like-kind exchanges.
2. Provide your personal information at the top of the form, including your name, address, and social security number.
3. Indicate the tax year for which you are filing the form.
4. List the property you exchanged (relinquished property) in Part I of the form. Include details such as the description, date acquired, date exchanged, and the fair market value at the time of exchange.
5. Calculate the gain or loss on the relinquished property and enter it in the appropriate section.
6. Next, provide details about the property received in exchange (replacement property) in Part II. Fill in information such as the description, date acquired, and the fair market value at the time of exchange.
7. Calculate the basis of the replacement property and enter it accordingly.
8. Determine the gain or loss on the exchange of the replacement property and include it on the form.
9. Complete any additional sections or schedules as required.
10. Review the form for accuracy and sign it before submitting it to the IRS.

Who needs form 8824:

1. Individuals or businesses who have engaged in like-kind exchanges of property.
2. Taxpayers who want to defer taxes on the gain from the exchange of property through a like-kind exchange.
3. Individuals or businesses who have disposed of property and acquired replacement property of a similar nature.

Note: It is always advisable to consult with a tax professional or seek guidance from the IRS instructions for Form 8824 to ensure compliance with the latest regulations and specific circumstances.

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What is form 8824?

Form 8824 is used by taxpayers to report like-kind exchanges to the Internal Revenue Service (IRS).

Who is required to file form 8824?

Taxpayers who have engaged in like-kind exchanges of property are required to file form 8824.

How to fill out form 8824?

To fill out form 8824, taxpayers must provide detailed information about the property exchanged, the parties involved, and calculate the gain or loss on the exchange.

What is the purpose of form 8824?

The purpose of form 8824 is to report like-kind exchanges and determine the taxable gain or loss resulting from the exchange.

What information must be reported on form 8824?

Form 8824 requires taxpayers to report the description and value of the property exchanged, the dates of the exchange, and any cash or other property received as part of the exchange.